Nigerian Currency Falls After Court Cancels Naira Redesign Policy

By Adedapo Adesanya All is not well with the Naira in the parallel market and the peer-to-peer (P2P) segments of the foreign exchange (FX) market in Nigeria, with its exchange rate against the Dollar nearing N1000. At the black market on Thursday, the Nigerian Naira depreciated against the US Dollar by N25 to sell at N995/$1 compared with the preceding session’s value of N970/$1. It was a similar story with the local currency in the P2P wing of the forex market as it lost N22 against the greenback yesterday to quote at N992/$1, in contrast to Wednesday’s exchange rate of

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed a pullback of 0.03 per cent on Wednesday after investors took a second look at their exposure to local equities, though as some were dumping, a few were mopping up. According to data obtained by Business Post, traders bought and sold 566.6 million shares worth N5.4 billion during the trading session in 8,201 deals compared with the 676.7 million shares valued at N5.9 billion traded in 7,659 deals on Tuesday, implying a rise in the number of deals by 7.08 per cent and a decline in the trading volume and value

By Adedapo Adesanya Oil prices fell by 1 per cent on Wednesday after the US Federal Reserve left interest rates unchanged, as widely expected. Brent futures fell 81 cents or 0.9 per cent to settle at $93.53 a barrel, while the US West Texas Intermediate crude (WTI) fell by 92 cents or 1.0 per cent to trade at $90.28 per barrel. Wednesday’s decision means the benchmark short-term interest rate will remain at 5.25 per cent to 5.5 per cent, a 22-year high. This is only the second time since March 2022 that the US central bank meetings have concluded without

By Adedapo Adesanya Nigeria’s Minister of Finance, Mr Wale Edun, has said the country is unable to clear up to $6.8 billion of overdue forward payments in the foreign exchange market, noting that this is preventing the Naira from gaining stability. Speaking in an interview on Thursday, Mr Edun lamented that the country’s FX market is facing a serious liquidity crisis due to low flows. “The issue we have now is that the market is not liquid enough,” he said in an interview in New York, per Bloomberg. The Minister said that resolving the overdue contracts would allow the Naira

By Queen Nwabueze One revolution that happened in the public relations ‘sector’ is the reality that there are now Independent PR measurement and evaluation consultancies who can prove Public Relations ROO (Return on Objective) for good. Over the years, measuring the true value of Public Relations has been the biggest challenge for a marketing communicator. Yes, indeed. Before the arrival of Independent PR measurement services, it used to be so nightmarish to calculate PR value with a 360 degrees approach. Put literally, PR measurement and evaluation is investigating to see whether you met your set objectives and overall goal just

By Adedapo Adesanya Nigeria’s economic growth slowed in the third quarter of 2022, according to data released by the National Bureau of Statistics (NBS) on Thursday. The NBS said between July and September 2022, the gross domestic product (GDP) of the country grew by 2.25 per cent year-on-year, the slowest growth since the COVID-19 pandemic. According to the NBS, the slow growth is attributable to the base effects of the recession and the challenging economic conditions that have impeded productive activities. The Q3 2022 growth rate decreased by 1.78 per cent points from the 4.03 per cent growth rate recorded

By Aduragbemi Omiyale To cushion the harsh effect of the removal of subsidy on premium motor spirit (PMS), also known as petrol, by the federal government, Wema Bank Plc has increased the salaries of its employees. Since President Bola Tinubu declared on May 29, 2023, that “subsidy is gone”, prices of goods and services in the country have astronomically gone up, forcing many to appeal to the government to allow the citizens to breathe because of the resultant hardships. Worried that some of its members of staff could be going through a tough time because of this government policy, the

By Ebitonye Akpodigha Chairman of the Kogi State chapter of the Peoples Democratic Party (PDP), Mr Sam Uhuoto, has been suspended by members of the executive. Mr Uhuoto was asked to step aside on Thursday in a letter addressed to him, which was signed by 30 members of the state’s party exco. It was alleged that Mr Uhuoto violated provisions of Chapter 10, Section 58 (1a, b, c, d and h) of the PDP’s constitution. The letter read in part, “The state executive committee of the party wishes to bring to your notice that we no longer have confidence in

By Modupe Gbadeyanka Chief Executive Officer of Lagos State Drivers’ Institute (LASDRI), Mr Phillip Ogunlade, has called on all professional drivers in Lagos to ensure that they are properly trained and recertified yearly by the State Drivers’ Institute (LASDRI). Mr Ogunlade, while speaking on a Radio Lagos 107.5Fm programme, “A Wa Ye”, explained that the present administration was determined to enhance public safety by reducing accidents in the state. The Chief Executive reiterated that the state law makes it mandatory for all professional drivers in Lagos to be trained and recertified once every year (for a fixed registration fee of

Barely a week after a gas explosion in Baruwa, Iyana Ipaja area of Lagos state that claimed no fewer than five lives, razed 25 buildings, 16 shops, and a private school building, another plant is currently being sited along the ever-busy Demurin/Alapere road, Ketu, part of Lagos. A non-political, non-governmental organization in the state, the Social and Economic Justice Advocacy (SEJA), has alerted the nation of a possible explosion in Alapere Ketu, area of Lagos state. Speaking through a statement signed by Barrister Stanley Karo Emeluaha, the Group’s Executive Director (Legal) and made available to journalists in Lagos, SEJA described

By Adedapo Adesanya The Brent crude lost $2.76 or 2.9 per cent to settle at $92.34 per barrel on Tuesday as economic data spurred concerns about a potential global recession, while the market awaited clarity on talks to revive a deal that could allow more Iranian oil exports. Also, these concerns depleted the price of the United States West Texas Intermediate crude (WTI) by $2.88 or 3.2 per cent to $86.53 a barrel. The slide in prices indicated the lowest for oil before Russia’s invasion of Ukraine almost six five months ago. Weak economic indicators from the world’s top economies

By Dipo Olowookere A definitive step to deepen broadband connectivity in homes and offices across the country has been taken by a leading telecommunications services provider, Airtel Nigeria. This was through the recent introduction of affordable Home Broadband packages with large volume of data for subscribers. According to a statement, the Airtel Home Broadband (HBB) package is available in Routers and MiFis and comes in various affordable recharge plans, offering up to 100GB of data bonus. Under the new Airtel Home Broadband plans, when a customer purchases an Airtel Router for N25,000, he or she is instantly credited with 100GB